Mortgage Interest Rates

With mortgage rates hovering around the 5% range it might be a good time for many homeowners to consider refinancing their current home. Be careful though. You should only refinance if you are going to be staying in your home for at least a few years, otherwise the cost of the refinancing will offset the monthly cost savings. If this seems like a possible option for you, I strongly suggest contacting a few different mortgage brokers(I have three different ones located on my website under “Referral List”). Inform them that you are considering a refinance and have them monitor the rates daily. Since rates can fluctuate quite a bit, even within a day, the broker can be working to get you the best rate. An example of this is a couple weeks ago rates dropped to 4 ½ percent for only a couple hours during one day before bouncing back up. This way, as soon as the rates reach your target they can lock you in immediately to get the absolute best rate.